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FTMO, FundedNext & The 5%ers Review 2026: Fees, Rules & Payouts Compared

Ken Rolliger

July 17, 2026

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Last Updated: July 2026

FTMO, FundedNext, and The 5%ers are the three most widely compared funded trading programs of 2026, and each one is built for a different kind of trader: FTMO for disciplined evaluators, FundedNext for flexibility-seekers, and The 5%ers for traders who want a live account from day one.

Choosing the wrong firm costs real money. A $100K challenge fee ranges from $225 (The 5%ers Boot Camp) to $590 (FTMO) depending on the program, and the rules governing drawdown, news trading, and payout cycles vary enough to disqualify entire trading strategies. This review breaks down every critical metric across all three firms, plus includes Sabio and Topstep in the master comparison table so you can see exactly where each firm stands.

Key Takeaway: There is no single best firm here — the right one depends on your budget, your strategy, and how each firm’s rules line up with how you actually trade. FTMO is the safest pick if you have a proven edge and want a refundable fee. FundedNext is the most flexible, with a lower 8% first target and on-demand payouts. The 5%ers is the cheapest way into a $100K account (the $225 Boot Camp) and the only firm here that lets you trade a live account from day one.

What this review covers: Evaluation fees, profit targets, drawdown rules, payout splits, scaling plans, Trustpilot ratings, and which trader type each firm suits best.

• FTMO Review 2026

• FundedNext Review 2026

• The 5%ers Review 2026

• Master Comparison Table: All 5 Firms

• Which Firm Is Right for You?

FTMO Review 2026

FTMO is the original prop firm, founded in Prague in 2015, and it remains the gold standard for evaluation-based funding. With over 40,000 Trustpilot reviews averaging 4.8/5, it has the largest verified track record in the industry. For full details, read the FTMO Review 2026 on JoinProp.

Evaluation Structure

FTMO runs a strict two-phase challenge. Phase 1 requires a 10% profit target with a minimum of 4 trading days. Phase 2 (Verification) drops the target to 5% with a minimum of 4 trading days. There are no time limits on either phase, which removes the pressure that trips up many traders on competing platforms.

Key FTMO evaluation rules:

• Daily loss limit: 5% of account balance

• Maximum drawdown: 10% of initial balance (static, not trailing)

• News trading: restricted on funded accounts (2-minute buffer required)

• Weekend holding: Swing accounts only

• Scaling cap: $2,000,000

FTMO Fees (2026)

Fee refund policy: FTMO refunds 100% of the challenge fee with your first successful payout. For traders who pass, that drops the real entry cost to zero — a clear edge over firms that keep your fee whether you make it or not.

Save on your FTMO challenge: JoinProp maintains an FTMO discount code page with the latest available promo codes. Check it before paying full price.

FTMO Profit Split & Payouts

• Base profit split: 80% to the trader

• Scaling path: After meeting the Scaling Plan criteria (10% total net profit over 4 months with at least 2 payouts), FTMO bumps the split to 90% and increases the account balance by 25%

• Payout speed: Average 8 hours once processed

• Payout methods: Bank wire, Skrill, Neteller, BTC/USDT

• Payout frequency: Bi-weekly (minimum 14 days between first and subsequent payouts)

Who FTMO Is Best For

FTMO suits experienced traders who value operational stability and a refundable entry fee. The 10% Phase 1 target is the strictest among the three firms reviewed here, so it filters for consistency rather than luck. If you have a proven edge and trade without news events, FTMO's infrastructure and brand trust are hard to beat.

FTMO is not ideal for: Traders who rely on news trading, scalpers who need tight spreads with no buffers, or beginners who want a lower-barrier entry point.

FundedNext Review 2026

FundedNext launched in 2022 and has scaled faster than any other prop firm in recent history, now holding over 66,000 Trustpilot reviews at 4.5/5. Its core differentiator is flexibility: lower profit targets on its Express program, no minimum waiting period between payouts, and a unique feature where traders earn a 15% profit share during the evaluation phase itself. Read the FundedNext Review on JoinProp for the complete breakdown.

Evaluation Programs

FundedNext offers three distinct account types, which makes it more versatile than FTMO's single challenge format:

The Express advantage: An 8% Phase 1 target instead of FTMO’s 10% matters more than it sounds. On a $100K account that’s $8,000 in profit rather than the $10,000 FTMO wants, so there’s noticeably less pressure to force trades.

FundedNext Evaluation Rules

• Daily loss limit: 5% (balance-based, not equity-based, which is more forgiving during intraday swings)

• Maximum drawdown: 10% of initial balance

• News trading: restricted on Express; allowed on Stellar

• Weekend holding: allowed on all programs

• Scaling cap: $4,000,000 (double FTMO's ceiling)

Key differentiator: FundedNext pays traders 15% of profits earned during the evaluation phase on most programs (excluding Stellar Lite and Rapid). It’s the only major firm that pays you while you’re still being evaluated, which takes a lot of the sting out of a long evaluation.

FundedNext Fees (2026)

Discount tip: Before purchasing any FundedNext program, check JoinProp's prop trading discounts page for current promo codes across all major firms. Small savings on evaluation fees compound quickly if you trade multiple accounts.

FundedNext Profit Split & Payouts

• Base profit split: 80% to 90% from the start (no scaling required for 90%)

• Payout speed: 24 to 48 hours

• Payout methods: Bank wire, cryptocurrency, Deel (strong option for international traders)

• Payout frequency: On-demand with no minimum waiting period between payouts

That no-minimum-wait payout policy is FundedNext’s biggest practical edge over FTMO, which makes you wait 14 days. For active traders generating consistent monthly profits, this means faster access to capital.

Who FundedNext Is Best For

FundedNext is the strongest fit for traders who want flexibility without sacrificing account size. The Express program's lower profit target is ideal for traders with a steady but moderate edge. The Deel payout option makes it particularly attractive for traders in regions with limited banking access.

FundedNext is not ideal for: Traders who require aggressive news trading on their primary account type, or those who want the maximum scaling ceiling above $4M.

The 5%ers Review 2026

The 5%ers (commonly written as The 5ers) is the pioneer of instant live funding in the prop trading industry. Founded in Israel, it operates a fundamentally different model from FTMO and FundedNext: traders can bypass the simulated evaluation entirely and begin trading a real live account from day one through its Instant Funding program. Trustpilot rating stands at 4.8/5 from over 21,000 reviews.

Evaluation Programs

The 5%ers offers three main paths to funding:

The Boot Camp value play: At $225 for a $100K evaluation, The 5%ers Boot Camp is the cheapest per-dollar-funded entry point of any firm in this review. The trade-off is a 3-step testing protocol rather than the standard 2-step. If you’re watching costs and already have a strategy that works, it’s tough to beat.

The 5%ers Evaluation Rules

• Phase 1 profit target: 8% (High Stakes) / varies by Boot Camp phase

• Phase 2 profit target: 5%

• Daily drawdown: 5% (equity and balance-based)

• Maximum drawdown: 10% of initial balance (static)

• Minimum trading days: 3 profitable days per phase (versus FTMO's 4)

• News trading: restricted on High Stakes (2-minute buffer); allowed on Instant Funding

• Weekend holding: allowed on all programs

• Scaling cap: $4,000,000

The 5%ers Profit Split & Payouts

For traders who stick around, the profit split at The 5%ers is one of the best in the business:

• Starting split: 80% on High Stakes and Boot Camp; 50% on Instant Funding

• Maximum split: 100% (full profit retention) achievable through the Hyper Growth scaling plan

• Payout speed: 24 to 48 hours

• Payout methods: Bank wire, Wise, cryptocurrency

• Payout frequency: On-demand once the initial profit target is met on live accounts; bi-weekly on evaluation-based programs

The 100% split reality: Reaching 100% profit retention requires progressing through The 5%ers' scaling plan, which doubles your account balance at defined milestones. It’s doable, but it takes time and steady results. Most traders will sit at 80% for their first several months.

Who The 5%ers Is Best For

The 5%ers suits two distinct trader types. First, cost-focused traders who want the cheapest path to a $100K account should look at the Boot Camp. Second, traders who want to trade real money from day one and are willing to accept a 50% initial split should consider Instant Funding.

For traders comparing The 5%ers against FTMO head-to-head on cost efficiency, see JoinProp's Alpha Capital vs FTMO comparison as a reference for how evaluation structures differ across the industry, and check the E8 Markets vs The5ers comparison for a direct rules breakdown.

The 5%ers is not ideal for: Traders who want the simplest possible 2-step evaluation without a multi-phase process, or those who need immediate 80%+ profit splits without any scaling requirement.

Master Comparison: FTMO vs FundedNext vs The 5%ers vs Sabio vs Topstep (2026)

The table below covers all five major prop firms side by side across the metrics that matter most to traders: fee structure, evaluation rules, profit split, and payout terms. Prices reflect $100K account equivalents where available.

Key Takeaways from the Comparison

Lowest entry cost: The 5%ers Boot Camp at $225 for a $100K evaluation is the cheapest evaluation fee in this group by a wide margin.

Best payout flexibility: FundedNext and The 5%ers (live accounts) both offer on-demand payouts with no minimum wait. SabioTrade processes weekly within 24 hours, which is competitive.

Strictest drawdown: SabioTrade's 6% trailing drawdown is the tightest rule in this group. A trailing drawdown means your floor rises as your account grows, which is significantly more restrictive than the static 10% drawdown used by FTMO, FundedNext, and The 5%ers.

Highest scaling ceiling: FundedNext and The 5%ers both cap at $4,000,000, double FTMO's $2M and twenty times Topstep's $200K maximum.

Futures traders: Topstep is the only futures-specific platform in this comparison. If you trade ES, NQ, or CL contracts exclusively, Topstep's single-phase Trading Combine and 90% profit split deserve serious consideration. For a broader view of futures-focused firms, see JoinProp's Best Prop Trading Firms 2026 list.

Discount codes available: JoinProp tracks exclusive promo codes for many of these firms. Before paying full price on any evaluation, check the JoinProp prop trading discounts hub for current offers. Verified codes are updated whenever firms change their promotions.

Which Prop Firm Is Right for You in 2026?

The right choice depends on three variables: your trading style, your risk tolerance for evaluation rules, and how much you want to spend upfront. Here is a direct decision framework:

Choose FTMO if:

• You have a consistent, proven strategy and want the most established brand

• You trade forex or CFDs without relying on news events

• You value a refundable entry fee and are confident you will pass

• Long-term scaling to $2M is your goal

Choose FundedNext if:

• You want a lower Phase 1 profit target (8% vs 10%) to reduce evaluation pressure

• You prefer on-demand payouts without a 14-day minimum gap

• You trade in a region where Deel payouts are useful

• You want to earn profit splits during the evaluation phase itself

Choose The 5%ers if:

• Budget is your primary concern and the Boot Camp's $225 entry fee is attractive

• You want to trade a real live account from day one (Instant Funding path)

• You are targeting 100% profit retention through the Hyper Growth scaling plan

• Weekend holding across all programs is important to your strategy

Choose SabioTrade if:

• You want weekly payouts processed within 24 hours

• A 1-step evaluation with news trading allowed fits your style

• You can manage within a 6% trailing drawdown (tighter than most firms)

Choose Topstep if:

• You trade futures exclusively (ES, NQ, CL contracts)

• A single-phase evaluation and 90% profit split appeals to you

• You are comfortable with a non-refundable entry fee

Still comparing options? JoinProp has reviewed over 200 prop firms with side-by-side breakdowns on fees, rules, and payouts. If you are trying to pass your first challenge, the 10 Tips to Pass Prop Trading Challenges guide covers the most common failure points traders hit across all evaluation formats. And if you want to understand the risks before committing, Are Prop Trading Firms Scams? The Truth is required reading.

Save before you sign up: JoinProp maintains verified discount codes for FTMO, FundedNext, The 5%ers, and dozens of other firms. Check the JoinProp discount codes hub before paying any evaluation fee. Codes are updated in real time as firms change their promotions.

Frequently Asked Questions

Which prop firm is best in 2026 — FTMO, FundedNext, or The 5%ers?

There’s no single winner. FTMO is the strongest choice if you have a proven strategy and want a refundable fee and the most established brand. FundedNext suits traders who want more flexibility, a lower 8% first target, and on-demand payouts. The 5%ers is best if budget is your priority or you want to trade a live account from day one through Instant Funding.

How much does a $100K challenge cost at each firm?

A $100K evaluation runs about $585 at FTMO (fully refundable on your first payout), around $499 for FundedNext’s Express program, and as little as $225 for The 5%ers Boot Camp — the cheapest $100K entry point in this comparison by a wide margin.

Are the challenge fees refundable?

FTMO refunds 100% of your challenge fee with your first successful payout, so the entry cost is effectively zero if you pass. FundedNext and The 5%ers do not refund evaluation fees, so factor that into your total cost.

Which firm has the fastest payouts?

FundedNext and The 5%ers (on live accounts) both offer on-demand payouts with no minimum waiting period, usually processed in 24 to 48 hours. FTMO is fast once processed (around 8 hours on average) but enforces a 14-day gap between payouts.

Can I trade the news or hold positions over the weekend?

News trading is restricted on FTMO funded accounts, FundedNext Express, and The 5%ers High Stakes, and allowed on FundedNext Stellar and The 5%ers Instant Funding. Weekend holding is limited to Swing accounts at FTMO but allowed across all FundedNext and The 5%ers programs.

Which firm is cheapest to get started with?

The 5%ers Boot Camp at $225 for a $100K evaluation is the lowest-cost entry in this group. To cut costs further, check for active discount codes before paying full price at any firm.

Final Verdict

The best prop firm here is the one that fits how you actually trade, not the one with the loudest marketing.

FTMO is the pick for experienced traders who want a refundable fee, a rock-solid track record, and don’t lean on news trading. The 10% Phase 1 target is the strictest of the three, but if you have a real edge, that’s a filter you can clear.

FundedNext is the most flexible option: a lower 8% first target, on-demand payouts with no 14-day wait, and profit share during the evaluation itself. It’s a strong fit for traders who want breathing room without giving up account size.

The 5%ers is the value and live-funding choice. The $225 Boot Camp is the cheapest route to a $100K account, and Instant Funding lets you trade real money from day one if you’re comfortable with the 50% starting split. Before paying for any evaluation, check current discount codes — fees at all three firms are discounted often enough that paying full retail is usually avoidable.

Disclosure: JoinProp may earn commissions from partner firms at no extra cost to you. All data in this article reflects publicly available firm terms as of July 2026. Rules, fees, and payout structures change frequently — verify directly with each firm before purchasing an evaluation.